Skye Bank Plc is now the owner of Mainstreet Bank. This followed the bank’s successful payment of the last tranche of the money for Mainstreet Bank acquisition which was paid to the Asset Management Corporation of Nigeria (AMCON) on Friday, October 31 ahead of the November 3, deadline.
The 80 per cent balance payment was made to AMCON in fulfilment of the Share Sale and Purchase Agreement earlier signed by both AMCON and Skye Bank.
Skye Bank had on October 9, 2014, paid the mandatory deposit of 20 per cent for the acquisition of the target Bank, with a pledge to complete the 80 per cent balance payment within the agreed time frame.
It could be recalled that AMCON had announced Skye Bank as the preferred bidder for the acquisition of all its interest in Mainstreet Bank, representing the entire capital of the bridge bank. Skye Bank emerged the preferred bidder after a rigorous bidding exercise that spanned five months, with over 20 bidders contending.